OPEC further cuts global oil demand forecast for 2024, 2025

China

OPEC further cuts global oil demand forecast for 2024, 2025

2024-11-13 17:22 Last Updated At：11-14 00:07

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday further trimmed its forecasts for global oil demand growth this year and next, marking the organization's downward revision for the fourth consecutive month.

In its monthly oil market report for November, OPEC expected a "healthy" global oil demand growth of 1.82 million barrels per day (bpd) for 2024, but down about 107,000 bpd from the growth of 1.93 million bpd projected last month.

OPEC attributed the adjustment to updated data for the first three quarters of this year.

Meanwhile, the international organization estimates its 2025 global oil demand growth at 1.54 million bpd from last month's assessment of 1.64 million bpd.

OPEC had already lowered its forecasts for global oil demand growth in 2024 and 2025 in its monthly market reports for three months in a row since August. It had maintained its global oil demand growth forecasts of 2.25 million bpd this year and 1.85 million bpd next year by August.

Oil prices have generally trended downward in recent weeks amid concerns over slowing global demand.

Early this month, eight member countries of OPEC+, a group comprising OPEC and its allies, announced an extension of their voluntary oil production cuts by a month until the end of December.

Russia claims seizing one more settlement in Donetsk, Ukraine reports 97 battles in forefront

2024-11-14 10:55 Last Updated At：11:07

Russia announced on Wednesday that it seized one more settlement in the Donetsk region, while Ukraine reported 97 battles its forces engaged in against Russian forces over the past day.

According to a Wednesday report from the Russian Defense Ministry, Russian forces controlled a settlement in Rivnopil of Donetsk region. Over the past day, attacks were launched on Ukraine forces and caused deaths and injuries. Ukrainian military facilities including tanks, armored vehicles, howitzers, and ammunition depots were destroyed, according to the report, which also said Russian forces had also launched attacks on military airport and energy facilities that are essential for the functioning of Ukraine's military industry.

On the same day, the General Staff of the Ukrainian Armed Forces released a battle report, claiming its forces engaged in 97 battles on the front lines against Russian forces, who were most active in the directions of Pokrovsk and Kurakhove. In the Pokrovsk direction, Russia launched 24 attacks and in the Kurakhove direction, the fighting was more severe, with 48 attacks being launched, said the report.